BSA/AML: Beneficial Ownership and Customer Due Diligence

Page Content

Provides information on FinCEN’s CDD Rule that amends existing BSA regulations, and requirements to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. Describes the fifth pillar requirements under the CDD Rule and the four core elements of customer due diligence.

Updated: September 2018

What You'll Learn

After completing this course, students will be able to:

Explain the application of the beneficial ownership rules

Identify legal entity customers and describe the two prongs used to determine beneficial ownership

Explain how the CDD Rule expands and strengthens current CDD requirements

Audience

All frontline and customer facing staff who open accounts for legal-entity customers as well as bank staff responsible for ongoing due diligence on all bank customers.